Johann Rupert’s investment company Reinet spent more than R1bn repurchasing shares in its latest buyback programme.The group said on Thursday it has completed its sixth buyback programme, purchasing a total of 2.5-million shares for R1.12bn (€59.6m), plus transaction costs.The repurchased shares will be held as treasury shares.Its latest share repurchase programme started in June after the group, valued at about R88bn on the JSE, said it intended to buy back as many as 16.5-million ordinary shares over a period until the 2027 AGM through successive and separate programmes for a maximum amount of €500m.The latest programme came after the group considered itself to be in a closed period and unable to restart share buybacks as it had been investigating a potentially very significant investment opportunity.Reinet then decided the investment opportunity would not be pursued in the immediate future, resulting in the “closed period” being lifted.The share repurchases are in accordance with the existing authority granted by the shareholders at the AGM in August last year. Reinet will seek to renew the buyback approval at its next AGM in August to proceed with future programmes.It said the purpose of the programme is to return value to shareholders and the repurchased shares may be used for any legitimate purpose, including acquisitions.Earlier this month Reinet reported its net asset value (NAV) declined by €6m in the quarter to end-June as the company repurchased shares as part of its buyback programme.The investment company’s NAV of €6.6bn at the end of June was 0.1% lower than the previous quarter. NAV per share was €36.39 compared with €36.31 at the end of March.Business Day